Cadence Design Systems, Inc. (CDNS)
Cadence makes electronic design automation tools and IP that engineers use to design integrated circuits and electronic systems.
CDNS vs FTNT: how the two businesses compare
- Bigger business: FTNT, with $6.8B of yearly revenue, about 1.3× CDNS's $5.3B.
- More profitable: FTNT keeps 27 cents of each sales dollar as profit, against 21 cents at CDNS.
- More cash from each sale: FTNT turns 38 cents of each sales dollar into operating cash flow, against 33 cents at CDNS.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Fortinet (FTNT) is the larger business by reported revenue: $6.8B in its fiscal year ended Dec 2025, about 1.3× CDNS's $5.3B (fiscal year ended Dec 2025). CDNS's net margin was 20.9% and FTNT's 27.3%. The SEC classifies them differently (Services-Prepackaged Software; Computer Peripheral Equipment, NEC); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 25, 2026
CDNS vs FTNT: quick comparison
| Company fact | CDNS | FTNT |
|---|---|---|
| Company | Cadence Design Systems, Inc. | Fortinet, Inc. |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Services-Prepackaged Software | Computer Peripheral Equipment, NEC |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-19 | 10-K · 2026-02-25 |
CDNS vs FTNT: audited financials
- Scale: FTNT's $6.8B of revenue is about 1.3× CDNS's $5.3B.
- Net margin: FTNT kept 27.3% of revenue as net income versus 20.9% at CDNS.
- Cash conversion: operating cash flow equalled CDNS 32.6% of revenue, or 1.56× net income; FTNT 38.1% of revenue, or 1.40× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | CDNS | FTNT |
|---|---|---|
| Revenue | $5.3B2025-01-01 to 2025-12-31 · SEC filing | $6.8B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.1B2025-01-01 to 2025-12-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $1.7B2025-01-01 to 2025-12-31 · SEC filing | $2.6B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $4.062025-01-01 to 2025-12-31 · SEC filing | $2.422025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 20.9%2025-01-01 to 2025-12-31 · SEC filing | 27.3%2025-01-01 to 2025-12-31 · SEC filing |
CDNS: FY ending 2025-12-31 · FTNT: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CDNS and FTNT overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: CDNS files as Services-Prepackaged Software; FTNT as Computer Peripheral Equipment, NEC.
- Profitability: net margin of 20.9% for CDNS versus 27.3% for FTNT.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Fortinet, Inc. (FTNT)
Fortinet sells integrated cybersecurity appliances and software combining networking and security in a single fabric.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CDNS
We have not yet published a company-specific driver list for CDNS. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
What moves FTNT
We have not yet published a company-specific driver list for FTNT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
The investment question
You now know FTNT reports about 1.3× CDNS's revenue, and FTNT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 14 matched transaction rows for CDNS and 17 matched transaction rows for FTNT. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CDNS primary filings
FTNT primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
CDNS vs FTNT FAQs
Are CDNS and FTNT direct competitors?
Not necessarily. Cadence Design Systems files as Services-Prepackaged Software and Fortinet as Computer Peripheral Equipment, NEC. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is CDNS or FTNT the bigger company by revenue?
Fortinet (FTNT) is the larger business by reported revenue: $6.8B in its fiscal year ended Dec 2025, about 1.3× CDNS's $5.3B (fiscal year ended Dec 2025). CDNS's net margin was 20.9% and FTNT's 27.3%. The SEC classifies them differently (Services-Prepackaged Software; Computer Peripheral Equipment, NEC); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CDNS or FTNT?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CDNS vs FTNT comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Cadence Design Systems, Inc. and Fortinet, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CDNS vs FTNT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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